Investment Reports

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261/261 Reports

  • Result Update:Yes Bank
    Result Update:Yes Bank

    24 Jan 2018

    Stocks covered (1)

    Yes Bank’s (YES) Q3FY18 PAT grew by 22% YoY at Rs 10.8 bn, which was in line with our estimate. Asset quality improved, as slippages were lower at Rs 4.9 bn which drove 10 bps QoQ decline in GNPA ratio to 1.7%.
  • Result Update:UltraTech Cem.
    Result Update:UltraTech Cem.

    24 Jan 2018

    Stocks covered (1)

    Standalone Q3FY18 EBITDA at Rs 13 bn was marginally below consensus and our estimates. UltraTech increased the capacity utilization of JPA assets to 60% exit rate in the very second quarter of acquisition vs. 18% at the time of acquisition.
  • Result Update:Hind.Zinc
    Result Update:Hind.Zinc

    24 Jan 2018

    Stocks covered (1)

    Q3FY18 EBITDA at Rs 32.4 bn, up 17% YoY, was in line with our estimate of Rs 32.2 bn and consensus estimate of Rs 33.3 bn. The YoY improvement in performance was led primarily by (1) higher LME prices and (2) strong silver volumes.
  • Result Update:Adani Power
    Result Update:Adani Power

    24 Jan 2018

    Stocks covered (1)

    Q3FY18 net loss of Rs 10 bn (adjusting for one-off expense of Rs 2.9 bn) was higher than our estimate of Rs 4.5 bn. The loss was mainly due to lower domestic coal availability at Tiroda and Kawai plants due to shortage of e-auction coal
  • Company Report:Biocon
    Company Report:Biocon

    24 Jan 2018

    Stocks covered (1)

    We believe sharing responsibilities for end-to-end development, manufacturing and global regulatory approvals for a number of products will ensure higher control and ownership. This also allows to develop higher number of molecules by leveraging on their talent pools and existing capabilities
  • Result Update:Zee Entertainmen
    Result Update:Zee Entertainmen

    23 Jan 2018

    Stocks covered (1)

    ZEEL’s Q3 domestic ad revenue grew 30% YoY (our estimate of 20%) on strong ad spends across national/ regional markets and across sectors. This is also visible in 25% YoY rise in ad spends of India’s largest FMCG player (HUL) in Q3
  • Result Update:Sterlite Tech.
    Result Update:Sterlite Tech.

    23 Jan 2018

    Stocks covered (1)

    Sterlite Technologies (SOTL) reported Q3 sales of Rs 8.3 bn, up 14% YoY. 60% of revenue came from exports (mostly China and Europe) which grew 78% YoY. EBITDA margin expanded ~500 bps to industry best of 24% on higher mix of product revenue
  • Result Update:Jyothy Lab.
    Result Update:Jyothy Lab.

    23 Jan 2018

    Stocks covered (1)

    Q3FY18 in line: Consolidated net sales, EBITDA, and adj. PAT grew 16% (adjusted for GST accounting), 37% and 61% (vs. consensus estimates of 15%, 32% and 100%). Volume grew 11.5% aided by weak base and gradual recovery in supply chain.